CSR agreement with Mirvac Homes to develop 35 hectare site at Woodcroft

CSR Limited announced today thatit has entered into an agreement with Mirvac Homes to develop CSR’s 35 hectaresite at Woodcroft in Blacktown.

The development will be capableof producing approximately 400 dwellings (subject to council approval) over thenext four years, together with rehabilitating and enhancing approximately 15hectares of nearby woodlands and waterways.This parkland will be dedicated for the future benefit of the Blacktownresidents at no cost to the community.

Under this agreement, CSR is expectedto receive a return in excess of $40 million of development payments over thelife of the project.Preliminarydevelopment has commenced and it is expected that the first homes will beavailable for sale in the first half of 2004.

Woodcroft is part of theBlacktown municipality which is the fastest growing municipality in the Sydneyarea.The Woodcroft property isregarded as a key strategic site for development and the bid process wasextremely competitive.In making thisdecision CSR recognised Mirvac Homes’ ability to deliver high quality urbandevelopments of this size.

“We have a long standing relationship with Mirvac throughour building products division,” said CSR Managing Director Alec Brennan.“This agreement will enable CSR to benefitfrom Mirvac’s expertise in developing the area and generating additionalearnings for the company, as well as benefiting the local community. TheWoodcroft agreement is the first of several CSR sites where we aim to maximisevalue from the development and sale of our property assets.”